Chicago, April 29, 2024 (GLOBE NEWSWIRE) -- The savory snacks market is a large and growing industry that includes a wide variety of salty and flavorful snacks. These snacks are consumed between meals and can be enjoyed by people of all ages.
Some of the popular savory snack products include:
- Potato chips
- Popcorn
- Extruded Snacks
- Nuts and seeds
- Tortillas
- Puffed Snacks
What is the projected market size & growth rate of the savory snack products market?
The global savory snack products market size was valued at US$203.9 billion in 2022 and is anticipated to reach US$263.0 billion by 2027, recording a CAGR of 5.2% during the forecast period.
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Which are the Top Companies Operating in the Savory Snack Products Market?
- PepsiCo (US)
- Kellogg Co (US)
- General Mills Inc. (US)
- Calbee (Japan)
- ITC LIMITED (India)
- Mondelez International (US)
- Nestle SA (Switzerland)
- Grupo Bimbo (Mexico)
- Hain Celestial (US)
- Blue Diamond Growers (US)
Which are the Driving Factors of the Savory Snack Products Market?
- Shifting Lifestyles and Busy Schedules: People these days have less time to cook elaborate meals. This has led to a surge in demand for convenient and portable snack options that can be consumed on-the-go. Savory snacks fit this bill perfectly.
- Healthier Snacking Trends: Consumers are becoming more health-conscious and are seeking snacks that are not just tasty but also offer some nutritional value. Manufacturers are responding by introducing options with more protein, fiber, whole grains, and even probiotics.
- Adventurous Palates: People are becoming more adventurous with their food choices. This is leading to a rise in demand for ethnic and exotic flavors in savory snacks. Think bold spices, international recipe inspiration, and globally inspired ingredients.
- Plant-Based Boom: The rise of vegan and vegetarian diets is impacting the savory snack market. There's a growing demand for plant-based snacks made from lentils, chickpeas, nuts, seeds, and other alternatives.
Which Segment is Projected to Grow at the highest CAGR in Savory Snack Products Market?
The nuts & seeds product segment is projected to grow at the highest CAGR in the global savory snack products market. Consumers preferences for snacks that deliver health, convenience, and taste have sparked recent innovations in several healthy snack segments. This is expected to drive the growth of nuts & seeds.
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Which Region is the Fastest Growing Region in Savory Snack Products Market?
Asia Pacific region is the fastest growing market for savory snack products.
This growth is driven by several factors, including:
- Economic development in countries like China, India, Japan, and Australia.
- Increasing urbanization and a growing preference for convenient food options.
- Rising disposable incomes allow for more spending on packaged snacks.
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